Credit

Chicago Tribune Editorial Board Recognizes ‘Illinois Diaspora’

“You mean that oft-repeated yarn about the state’s population loss being predominantly due to residents being fed up with our winters and moving to warmer destinations like Florida and Arizona isn’t true?”

Survival And Prosperity post yesterday afternoon regarding 86,000 Illinoisans “escaping” to Wisconsin from 2006 to 2015 (hat-tip Illinois Policy Institute)

I had to chuckle when I spotted the following on the Chicago Tribune website this afternoon. The Tribune Editorial Board penned last night:

Property taxes here are among the highest in the nation. And certain parts of the state aren’t just jobs deserts, they’re becoming depopulated deserts. More people moved away from Illinois during the last two years than from any other state in the country. Many moved to other Midwestern states. So don’t repeat the lie that it’s the weather.

Here’s what else a prospective employer sees in Illinois: No state budget in nearly two years. A credit rating nearing junk status. Inability to pay bills as they come due, a basic definition of insolvency. And political impasse in the General Assembly. An attempt at compromise legislation to get a budget passed hit a snag in the Senate on Wednesday. Senators, keep working…

(Editor’s note: Bold added for emphasis)

Great minds think alike?

Nope. Not at all. Just very concerned Illinois residents who have arrived at the same conclusion regarding where this is all heading if Springfield and voters can’t get their act together. Like, yesterday.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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State Of Illinois Downgraded By Fitch Ratings

Fitch Ratings, a major U.S. credit rating agency, announced this afternoon it had downgraded the State of Illinois. From their news release:

Fitch Ratings has downgraded the following ratings of the state of Illinois:

Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB+;
$25.9 billion in outstanding general obligation (GO) bonds to ‘BBB’ from ‘BBB+’;
–$431 million Illinois Sports Facilities Authority sports facilities bonds (state tax supported) to ‘BBB-‘from ‘BBB’;
–$2.6 billion Metropolitan Pier and Exposition Authority McCormick Place expansion project bonds to ‘BBB-‘ from ‘BBB’;
–$267.8 million city of Chicago motor fuel tax revenue bonds to ‘BBB-‘ from ‘BBB’.

The Rating Watch Negative is maintained…

(Editor’s note: Bold added for emphasis)

With this downgrade, Illinois’ new credit rating is just two notches above “junk” status.

Fitch noted:

The downgrade of Illinois’s IDR and related ratings reflects the unprecedented failure of the state to enact a full budget for two consecutive years and the financial implications of spending far in excess of available revenues, which has resulted in increased accumulated liabilities and reduced financial flexibility. Even if the current attempts at a resolution to the extended impasse prove successful, Fitch believes that the failure to act to date has fundamentally weakened the state’s financial profile….

Fitch expects to resolve the Rating Watch within the next six months based on an assessment of the state’s fiscal trajectory as it starts fiscal 2018. If the state continues on the current path, a further downgrade would be warranted

(Editor’s note: Bold added for emphasis)

You can read the entire Fitch Ratings news release here on their website.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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State Of Illinois’ Unpaid Bills Could Spike To $15 Billion By July

Bad news about the State of Illinois’ finances keeps rolling in. Monique Garcia reported on the website of the Chicago Tribune this morning:

The state has a record stack of unpaid bills that’s expected to hit $15 billion by July if nothing is done, and it must fork over interest when it’s late paying them. Putting a hard dollar figure on those interest costs is difficult, however…

The potential price tag is high enough that Senate leaders from both parties are pushing a plan to borrow billions of dollars to help whittle down the bill backlog and limit interest payments…

Under the plan being pushed by Democratic and Republican leaders in the Senate, Illinois would borrow $7 billion over seven years to pay down the bill backlog and bring the payment cycle closer to 30 days…

(Editor’s note: Bold added for emphasis)

The Tribune article comes after Governor Bruce Rauner pointed out in his State of the State address last Wednesday:

We haven’t had a full year budget of some kind in a year-and-a-half- and we haven’t had a state budget that is truly balanced in decades. We have more than $11 billion in unpaid bills, a $130 billion unfunded pension liability, and the worst credit rating in the nation. We have the 5th highest overall tax burden and one of the lowest rates of job creation of any state

(Editor’s note: Bold added for emphasis)

Garcia’s piece took a close look at the interest payments associated with the bill backlog debacle, which you can read about here on the Tribune site.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Quote For The Week

“This is an economy on a solid course. Not a bubble economy. We try carefully to look at evidence of a potential financial instability that might be brewing, and some of the hallmarks of that are clearly-overvalued asset prices, high leverage, rising leverage, and rapid credit growth. We certainly don’t see those imbalances. And so, although interest rates are low and that is something that can encourage reach for yield behavior, I certainly wouldn’t describe this as a bubble economy…”

-Federal Reserve Chair Janet Yellen, speaking at New York City’s International House on April 7, 2015

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, April 11th, 2016 Bubbles, Credit, Federal Reserve, Interest Rates, Monetary Policy, Quote For The Week Comments Off on Quote For The Week

Peter Schiff: ‘The Dollar Is Going To Tank, And With It Is Going To Go The Standard Of Living Of America’

Peter Schiff, the CEO of Euro Pacific Capital, appeared on the Alex Jones Show last Friday along with financial newsletter writer Harry S. Dent. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, was asked by host Alex Jones about the state of the economy and what is going to be “the next shoe to drop.” Schiff replied:

I think the state of the economy is a disaster… But even if Harry is right, and the price of gold goes down, the price of real estate is going down more. The price of stocks is going down more. The price of everything else is going to go down more. So if you have your money in gold, and the price of gold falls, you’re still going to be richer than most everybody else on the planet… But if I’m right, and the dollar tanks, and you follow Harry’s advice, you’re broke, you’ve got nothing.

When asked about the state of the U.S. dollar. Schiff warned:

This is a gigantic bubble. We have conned the world into supplying us with merchandise in exchange for money that we create out of nothing with no real value. We’ve been able to borrow all this money. We have no ability to ever repay it. In fact, if interest rates go up we can’t even service the debt, let alone retire it. It’s all going to be inflated away. And the dollar is going to tank, and with it is going to go the standard of living of America, because we’ve basically decimated our industrial production. That is the problem. We’re living on credit, on printed money, and this is coming to an end. You need to be in gold and other assets.


“Peter Schiff and Harry Dent Debate on Economy”
(above exchange starts at 24 minutes)
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Monday, March 28th, 2016 Borrowing, Bubbles, Commodities, Crash Prophets, Credit, Currencies, Debt Crisis, Inflation, Interest Rates, Investing, Monetary Policy, Money Supply, Precious Metals Comments Off on Peter Schiff: ‘The Dollar Is Going To Tank, And With It Is Going To Go The Standard Of Living Of America’

SP Intel Report- November 11, 2015

Chicagoland

Moody’s Predicts Chicago’s Unfunded Pension Liabilities Could Grow For At Least Another Decade

Regrettably, the City of Chicago’s pension crisis is far from being resolved. From a press release out of Moody’s Global Credit Research division Tuesday:

New York, November 10, 2015 — Today, Moody’s Investors Service released a scenario analysis of the City of Chicago’s (Ba1 negative) possible pension funding paths. The scenarios incorporate the city’s recently adopted property tax increase as well as the outcomes of two key decisions pending with the State of Illinois (Baa1 negative) and the Illinois Supreme Court. The analysis indicates that, despite significantly increasing its contributions to its pension plans, Chicago’s unfunded pension liabilities could grow, at a minimum, for another ten years.

“Chicago’s statutory pension contributions will remain insufficient to arrest growth in unfunded pension liabilities for many years under each scenario,” Moody’s AVP-Analyst Matthew Butler says in the new report, “Chicago’s Pension Roadmap: A Scenario Analysis.”

(Editor’s note: Bold added for empashis)

You can read the entire press release on Moody’s website here.

National

U.S. Adults Over 30 Are Less Happy Than Their Predecessors

I spotted the following yesterday on the MarketWatch website. Catey Hill reported Monday night:

It all goes downhill after 30 — at least when it comes to happiness.

“Adults over 30 are less happy than their predecessors,” concludes a study published online Thursday in the journal Social Psychology and Personality Science, which examined happiness data from more than 50,000 adults, gleaned from the General Social Survey, carried out by NORC at the University of Chicago, a nonpartisan, independent research organization, which has collected information about American adults since 1972.

From 2010 to 2014, adults over 30 had an average happiness score of just 2.18, compared with 2.24 a decade ago. That’s significant considering happiness scores were measured on a tiny scale from just 1 to 3, with 1 being “not too happy” and 3 being “very happy.” (The data used five-year cohort periods so that single year fluctuations were smoothed out.)

(Editor’s note: Bold added for emphasis)

A graph within the article depicted happiness scores by age over time. Something stood out right away for me looking at the measure for the “30 or older” crowd. Happiness scores rose from around 1993 until 2001- then plummeted ever since. In 1993, I remember older classmates of mine at the University of Illinois at Urbana-Champaign saying the job market was pretty rough (but better than recent years where graduate school was a popular option). Lots of bad economic news as well back in 2001. Hill added later:

What’s perhaps even more interesting is that, for the first time ever, adults ages 18 to 29 were happier than adults over 30

(Editor’s note: Bold added for emphasis)

The authors weren’t sure why “younger adults are happier than older ones for the first time in at least 40 years.” I’d like to offer up one possible explanation for some in that demographic:


“Cartman sends his mother to the store”
YouTube Video

In all seriousness, I come across a lot of miserable stuff on a daily basis while conducting research for this blog and other projects. I try to keep upbeat by remembering:

1. While I still see a financial crash in store for us, I don’t envision the end of the world taking place. Although it could be the end of the world as we know it (TEOTWAWKI).
2. Life ain’t fair. Nobody’s perfect. Just do the best you can.
3. God’s got my back. And I’ll try to be the best Christian I can.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Hill, Catey. “Americans over 30 are more miserable than they’ve ever been.” MarketWatch. 9 Nov. 2015. (http://www.marketwatch.com/story/americans-over-30-are-more-miserable-than-theyve-ever-been-2015-11-09). 11 Nov. 2015.

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Wednesday, November 11th, 2015 Credit, Debt Crisis, Demographics, Entitlements, Fiscal Policy, Government, Health, Legal, Religion, Taxes, TEOTWAWKI Comments Off on SP Intel Report- November 11, 2015

SP Intel Report- October 26, 2015

Welcome to the inaugural post of the “SP Intel Report.” On October 15 I blogged big changes were coming to Survival And Prosperity starting October 19. I wrote:

Each day will begin with an “SP Intel Report” (if it’s warranted), where I’ll be focusing on current events locally (Chicagoland area), nationwide, and overseas which I think readers should be aware of…

As luck would have it, my computer crashed October 19, delaying the implementation of these changes.

One week later, I’ve managed to repair my laptop, and I’m back in the saddle again.

So off we go then…

Chicago

“If City Hall ‘loses’ downtown to the bad guys… you lose the tourists, their money, revenue… you get the point.”

Survival And Prosperity, May 4, 2011

The Chicago news media is reporting that two tourists from Minneapolis were robbed at knifepoint by three men near Oak Street Beach late Saturday evening. The male victim was stabbed during the holdup while trying to protect his girlfriend. Two of Chicago’s more upstanding residents have been charged with the crime (police are still looking for a third individual).

The last time I blogged about a tourist getting knifed downtown was back during the 2012 holiday season. Even though it’s been a while, I fear we’ll be hearing of similar incidents with increased regularity as the city’s financial health deteriorates and the Chicago Police Department keeps receiving lip service but not bodies (meaning manpower).

There will probably be plenty of the other based on recent trends.

Note to self. Study up on defense against knives.

Illinois

Speaking of deteriorating financial health, the State of Illinois was hammered by two of the major credit rating agencies in the past week. On October 19, Fitch Ratings announced in a press release:

Fitch Ratings has downgraded the rating on $26.8 billion in outstanding Illinois general obligation (GO) bonds to ‘BBB+’ from ‘A-‘.

In addition, the ratings on bonds related to the state based on its appropriation have been downgraded to ‘BBB’ from ‘BBB+’…

(Editor’s note: Bold added for emphasis)

Three days later, Moody’s Investors Service stated in a release:

Moody’s Investors Service has downgraded the State of Illinois’ $26.8 billion of general obligation bonds to Baa1 from A3, while also lowering ratings on the state’s sales-tax (Build Illinois) bonds to Baa1 from A3, and on the state’s subject to appropriation bonds (issued by the Metropolitan Pier and Exposition Authority and for the state’s Civic Center program) to Baa2 from Baa1. The outlook for all of these obligations remains negative…

(Editor’s note: Bold added for emphasis)

Keep in mind the following observations by Karen Pierog over on the Reuters website on October 22:

Both general obligation bond ratings are now just three steps above the “junk” level… The downgrade by Moody’s marked the 17th by major credit rating agencies for Illinois since 2003… Even before this week’s downgrades, Illinois had the lowest credit ratings among the 50 U.S. states. Ratings histories from the three major credit rating agencies indicate few states have ever had their GO ratings fall below the A level…

Faced with a $105 billion unfunded public pension liability and a bill backlog of around $7 billion, I suspect Illinoisans will be on the hook for some sort of tax hike(s) in the near future.

International

Any Survival And Prosperity readers skeptical about the future existence of the Internet? Personally, I won’t be surprised if it goes kaput one day. Don’t get me wrong, I’m somewhat of a techie (driven by needs, not wants) and love the Internet. But I’m not sold on its staying power due to frailties with its infrastructure. A couple of years ago I remember reading about an elderly Georgian woman accidently cutting off neighboring Armenia’s access to the World Wide Web for up to five hours- using only a spade. And now there’s this from The New York Times website this past Sunday. David E. Sanger and Eric Schmitt reported:

Russian submarines and spy ships are aggressively operating near the vital undersea cables that carry almost all global Internet communications, raising concerns among some American military and intelligence officials that the Russians might be planning to attack those lines in times of tension or conflict.

The issue goes beyond old worries during the Cold War that the Russians would tap into the cables — a task American intelligence agencies also mastered decades ago. The alarm today is deeper: The ultimate Russian hack on the United States could involve severing the fiber-optic cables at some of their hardest-to-access locations to halt the instant communications on which the West’s governments, economies and citizens have grown dependent

(Editor’s note: Bold added for emphasis)

So the Russians could switch off the Internet. Or a rogue Uncle Sam could do it and blame the Russkies.

I told my girlfriend her brilliant nephew should get into the BBS game. Wave of the future?


“Apple II on a BBS in 2014!”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Sobol, Rosemary Regina. “$500K, $950K bails set for 2 accused of robbery, stabbing near Oak Street Beach.” Chicago Tribune. 26 Oct. 2015. (http://www.chicagotribune.com/news/local/breaking/ct-police-2-held-following-armed-robbery-stabbing-near-oak-street-beach-20151026-story.html). 26 Oct. 2015.

Pierog, Karen. “UPDATE 2-Illinois bond rating cut again over budget impasse.” Reuters. 22 Oct. 2015. (http://www.reuters.com/article/2015/10/22/illinois-downgrade-moodys-idUSL1N12M2L120151022). 26 Oct. 2015.

Sanger, David E. and Schmitt, Eric. “Russian Ships Near Data Cables Are Too Close for U.S. Comfort.” The New York Times. 25 Oct. 2015. (http://www.nytimes.com/2015/10/26/world/europe/russian-presence-near-undersea-cables-concerns-us.html?_r=1). 26 Oct. 2015.

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Monday, October 26th, 2015 Bonds, Communications, Credit, Crime, Debt Crisis, Entitlements, Europe, Foreign Policy, Government, Knives, Public Safety, Self-Defense, SP Intel Report, Taxes, Technology, Tourism, War Comments Off on SP Intel Report- October 26, 2015

Analysts: Massive Chicago Property Tax Hike Just The Beginning

“And if Chicagoans think this major tax increase is some sort of one-off, well, I know of a certain bridge for sale out east.”

Survival And Prosperity, September 3, 2015

Chicago readers of this blog have been warned the last couple of years that the City of Chicago’s poor financial health means a sustained hunt for much more revenue (new and higher fees/fines/taxes) for the foreseeable future.

And Tuesday, this grim-yet-likely scenario was the focus of a City Club of Chicago luncheon.

Fran Spielman reported on the Chicago Sun-Times website yesterday afternoon:

A $500 million property tax increase will not be enough to solve Chicago’s $30 billion pension crisis or rid the city of the junk bond rating that has saddled the taxpayers with tens of millions in penalties and borrowing costs, analysts concluded Tuesday.

Civic Federation President Laurence Msall and Matt Fabian, a partner at Municipal Market Analytics, offered the grim assessment during a lively panel discussion on city finances before a packed house at a City Club of Chicago luncheon…

Fabian’s conclusion was that, as tough as it will be for homeowners and their aldermen to swallow a $500 million property tax increase, Mayor Rahm Emanuel and the City Council need to bite the bullet even harder

Msall agreed that a $500 million increase that would be Chicago’s “largest in modern history” is “not the full answer and it’s not going to be enough because we’ve dug the hole so deeply” by underfunding pensions and granting benefits that taxpayers cannot afford.

“We are going to have raise taxes very significantly just to pay the interest on the debt we have built up and it’s not going to be enough to save the city of Chicago,” he said…

(Editor’s note: Bold added for emphasis)

Still interested in that bridge?

Head on over to the Chicago Sun-Times website here to read- no, digest- what looks to be in store for the “Windy City” in the coming years.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Wednesday, September 9th, 2015 Bonds, Credit, Debt Crisis, Entitlements, Fiscal Policy, Government, Taxes Comments Off on Analysts: Massive Chicago Property Tax Hike Just The Beginning

Crain’s Chicago Business: Pension Reform Ruling Could Cost Taxpayers Extra $200 Million A Year Through End Of Decade

In my Sunday post about Chicago’s pension reform legislation being ruled unconstitutional, I blogged:

Chicagoans- let that last line from Dardick and Pearson sink in real good:

“Taxpayers could eventually be on the hook for hundreds of millions of dollars more in annual payments to those city funds — before the even worse-funded police and fire retirement accounts are factored into the taxing equation…”

How many hundreds of millions are we talking about here?

Greg Hinz wrote in his blog on the Crain’s Chicago Business website Monday:

The court decision throwing out a deal to refinance two Chicago pension funds appears to be among the most costly in the city’s history, in some ways ranking right up there with the Great Chicago Fire.

Exact figures are not available and vary some depending on who’s doing the estimating. But based on statements by city officials and documents filed by the pension funds themselves, it’s likely that the decision by Cook County Circuit Court Judge Rita Novak will cost city taxpayers around $200 million a year through the end of the decade—and will keep rising for decades thereafter.

“You’d have to go back to either the Depression or the Great Fire to find a comparable situation in which the city faced either greater challenges or more painful decisions,” Civic Federation President Laurence Msall said. “It’s clearly going to result in increased taxes and reduced services.”

(Editor’s note: Bold added for emphasis)

Remember, that additional $200 million hit to Chicago taxpayers would come on top of addressing fire and police pensions. And bailing out the Chicago Public Schools, which had its credit rating reduced to junk status today by Fitch Ratings. In May, I noted Moody’s downgraded the Chicago Board of Education (the primary debt issuers of CPS) three notches to junk.

You can read Hinz’s entire blog post on the Crain’s Chicago Business website here. If I were still a Chicago resident, I’d probably find it disturbing. But at least I’d be clued in as to what could be coming down the line.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Tuesday, July 28th, 2015 Credit, Debt Crisis, Depression, Education, Entitlements, Fiscal Policy, Government, Taxes Comments Off on Crain’s Chicago Business: Pension Reform Ruling Could Cost Taxpayers Extra $200 Million A Year Through End Of Decade

Judge Rules Chicago’s Pension Reform Legislation Unconstitutional

Here’s the latest on Chicago’s public pension crisis. Hal Dardick and Rick Pearson reported on the Chicago Tribune website last night:

Mayor Rahm Emanuel’s administration said it will appeal a Cook County judge’s decision Friday that ruled unconstitutional a state law reducing municipal worker pension benefits in exchange for a city guarantee to fix their underfunded retirement systems.

The 35-page ruling by Judge Rita Novak, slapping down the city’s arguments point by point, could have wide-ranging effects if upheld by the Illinois Supreme Court. Her decision appeared to also discredit efforts at the state and Cook County levels to try to curb pension benefits to rein in growing costs that threaten funding for government services.

The issue of underfunded pensions, and how to restore their financial health, is crucial for the city and its taxpayers. The city workers and laborers funds at issue in Friday’s ruling are more than $8 billion short of what’s needed to meet obligations — and are at risk of going broke within 13 years — after many years of low investment returns fueled by recession and inadequate funding.

Without reducing benefits paid to retired workers, or requiring current workers to pay more, taxpayers could eventually be on the hook for hundreds of millions of dollars more in annual payments to those city funds — before the even worse-funded police and fire retirement accounts are factored into the taxing equation

(Editor’s note: Bold added for emphasis)

Chicagoans- let that last line from Dardick and Pearson sink in real good:

“Taxpayers could eventually be on the hook for hundreds of millions of dollars more in annual payments to those city funds — before the even worse-funded police and fire retirement accounts are factored into the taxing equation…”

And the City’s response to the ruling? Mayor Emanuel’s Press Office countered Friday:

Statement of City of Chicago Corporation Counsel Stephen Patton on SB1922

“While we are disappointed by the trial court’s ruling, we have always recognized that this matter will ultimately be resolved by the Illinois Supreme Court. We now look forward to having our arguments heard there. We continue to strongly believe that the City’s pension reform legislation, unlike the State legislation held unconstitutional this past spring, does not diminish or impair pension benefits, but rather preserves and protects them. This law not only rescues the municipal and laborer pension funds from certain insolvency, but ensures that, over time, they will be fully funded and the 61,000 affected City workers and retirees will receive the pensions they were promised.”

As to the City of Chicago’s credit rating possibly getting whacked after the decision? Timothy W. Martin reported on The Wall Street Journal website Friday afternoon:

Moody’s said Friday’s ruling had no effect on Chicago’s bond grade. But rival Standard & Poor’s Ratings Services, which currently has an investment-grade rating for the city, said that “regardless of the ultimate outcome” of Mr. Emanuel’s pension law, it “will likely lower” its Chicago rating in the next six months, unless city leaders chart out a solution to address its pension problems.

(Editor’s note: Bold added for emphasis)

Like I’ve been saying for a couple years now, that proverbial brick wall keeps approaching for Chicago.

Since City Hall can’t get its affairs in order, Chicagoans might want to look at straightening out theirs if they intend to stick around for the long haul.

Sources:

Dardick, Hal and Pearson, Rick. “Judge finds city’s changes to pension funds unconstitutional.” Chicago Tribune. 24 July 2015. (http://www.chicagotribune.com/news/local/politics/ct-chicago-pension-ruling-met-20150724-story.html). 25 July 2015.

Martin, Timothy W. “Chicago’s Pension Overhaul Plan Tossed Out by Judge.” The Wall Street Journal. 24 July 2015. (http://www.wsj.com/articles/judge-rules-2014-law-to-reduce-chicago-pension-shortfall-unconstitutional-1437754525). 25 July 2015.

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Sunday, July 26th, 2015 Bonds, Credit, Debt Crisis, Entitlements, Fiscal Policy, Government, Legal, Taxes Comments Off on Judge Rules Chicago’s Pension Reform Legislation Unconstitutional
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